How Cultural Sector Can Help The Business Industry

The corporate ecosystem is disconnected from the cultural and creative sectors (CCS), including the CCS's artists and designers. However, working with people from other fields may help artists and thinkers contribute to the corporate world in useful ways. The existing separation risks losing high-value human capital that can be leveraged to develop the future of the Fourth Industrial Revolution, the next-generation economy, and more networked society.

Employment and business development, social cohesion, and municipal regeneration are all areas that might benefit from the cultural and creative industries, as is shown in a recent OECD analysis titled "The Culture Fix: Creative people, places, and industries."

The arts and entertainment industry is a major engine of economic growth and employment creation. They result in increased government income and commercial activity. The OECD found that just around 7 percent of all businesses were engaged in the creative or cultural industries. Up to one in twenty jobs in several OECD and EU nations and up to one in ten jobs in major cities and capital areas were in the cultural and creative sectors in 2020. Such positions need extensive training and expertise. Analysis by the OECD shows that, compared to the average workforce, 62% of cultural and creative workers had post-secondary education. These positions are less likely to be automated in the future than others (10% vs. 14%). An estimated 40 percent of the nation's creative workforce is employed outside of the arts and entertainment industries (such as automotive design).

Culture And Business Industry - How Are They related?

To succeed, businesses must adapt to a world that is becoming more volatile, unpredictable, complex, and ambiguous (VUCA). They must be given the tools and resources necessary to carry this out successfully. They need to pursue differentiation methods and manufacturing processes that allow them to provide cutting-edge, visually pleasing goods and services, innovate and transform responsively at reduced costs, and participate in experimental innovation that yields unique outcomes. The required procedures are not drastically different from those seen in the CCS.

It is also worth mentioning that nowadays several art creators decided to create a business. For example, as shown here, art designers can make their T-shirts with their prints. Today as the war between Russia and Ukraine intensifies more and more people who want to support Ukraine use art to make money for a good and noble cause.

Growth in the CCS had been rapid before the pandemic, but it has been severely stunted by the effects of the COVID-19 pandemic's shockwaves. A recent UNESCO assessment estimated that 10 million jobs would be lost in these industries globally by 2020, making them one of the most impacted. The music and theater industries (both down 90%), the music industry (down 76%), and the visual arts industry (down 38%) have all felt the effects of the shock the most. As a result, it is crucial to innovate business models to rebuild more effectively and more collaboratively succeed, businesses must adapt to a world that is becoming more volatile, unpredictable, complex, and ambiguous. They must be given the tools and resources necessary to carry this out successfully.

More Things To Know

Because of the inherent risk-taking character of the creative process and the unpredictability of self-employment arrangements in the arts, VUCA permeates the creative professions. Such individuals may provide transferable abilities including the willingness to take risks, an understanding of systems, the capacity to solve intricate problems, and an openness to new ideas. These aid in VUCA circumstances because they allow for more expansive, original approaches to be taken. The research showed that the skills and competencies artists and designers bring to the workforce are a perfect fit with the ones businesses need to ensure their continued viability in the future.

It should also be stated that culture has economic benefits, but it also improves the well-being, diversity, and cohesiveness of our communities. There is mounting evidence that increasing cultural involvement promotes social cohesiveness by helping to integrate and include previously marginalized groups, and that it has good benefits on well-being and health as well. Locations with thriving cultural and creative scenes are more desirable as locations to live, visit, and invest.

Before the crisis, the industry was booming. The cultural and creative industries had faster company growth than the overall economy (18% against 12% on average throughout the OECD). Employment in the arts and culture sector grew by 14% between 2000 and 2010, compared to the average increase of 9.1% across OECD and EU nations. However, demand for culture remains high, as seen by the 18% annual growth rate in consumer expenditure on entertainment and the arts.

Improving one's professional skillset is crucial in both the business world and the creative community if people are going to be able to work together productively.